DeFi

Gains DEX dominated in terms of Open Interest. The number of transactions on the Arbitrum protocol declined after surpassing Ethereum. Gains Network [GNS], a prominent DEX on the Arbitrum protocol, captured massive amounts of forex demand on 27 February. This helped the protocol have a large majority in terms of Open Interest. gTrade by @GainsNetwork_ioContinue reading “Arbitrum positively impacted by network ‘Gains,’ details inside”

GMX’s TVL surges despite low volumes. Revenue collected increases, however, daily active users decline. Recently, GMX outperformed its competitor dydx in terms of TVL. GMX’s TVL was four times that of dydx according to the data provided by Artemis. However, the trading volume on the GMX protocol was particularly low. .$dYdX has 4x more tradingContinue reading “GMX manages to shine despite low trading volumes, thanks to its TVL”

Arbitrum outperformed Polygon in the dApp space. A decline was observed in Polygon’s overall dApp activity and TVL. According to recent data provided by Delphi Digital, it was observed that Arbitrum overtook Polygon in terms of Gains Network usage. Well, Gains Network, is a decentralized leverage trading platform. As dApps continue to get drawn toContinue reading “Is Polygon losing its grip in the DeFi space? Arbitrum has the answer”

The MKR supply held by top addresses increased over the past week. DAI’s borrowing volume failed to show appreciable growth in the past few months. According to data from Santiment, MakerDAO [MKR] recorded its largest whale activity in more than three months after two identical transactions worth $17.4 million were made on the network. TheContinue reading “MakerDAO: Whales extend solidarity as MKR braces for key battle on this front”

Mining activity on EthereumPoW is at an all-time low. DeFi activity on the chain is also almost non-existent. The hashrate of EthereumPoW’s [ETHW] network has hit an all-time low due to a continuous decrease in mining activity, data from 2Miners.com revealed. As of this writing, the network’s hashrate stood at 14.82 TH/s, having fallen byContinue reading “EthereumPOW hit by triple whammy: plummeting mining activity and…”

A Web3 firm Jump Crypto and a DeFi platform Oasis.app have conducted a counter-exploit on the Wormhole protocol hacker. They have successfully recovered $225 million in digital assets and transferred them to a safe wallet. Jump Crypto, a Web3 infrastructure firm, and Oasis.app, a decentralized finance (DeFi) platform, have conducted a counter-exploit on the WormholeContinue reading “Jump Crypto and Oasis counter-exploit Wormhole hacker for $225m”

Unique addresses on the Arbitrum chain reached ATH as it beat Ethereum’s daily transactions. Arbtirum contracts decline but TVL remains the fourth-largest. Arbitrum, on 22 February, announced to the crypto community that it had surpassed the Ethereum [ETH] mainnet daily transactions for the first time. While the speed of achievement might be bewildering, the milestoneContinue reading “How Arbitrum flipped Ethereum’s [ETH] daily transactions”

Arbitrum reached new highs in terms of transaction volume. Low development activity and stablecoin usage raised concerns. According to a 20 February tweet by Wu Blockchain, Arbitrum’s transaction volume had reached new heights, as the scaling solution’s transaction volume reached $2.62 billion and witnessed a 34% spike. If the trend continued, Arbitrum could go toe-to-toeContinue reading “Has Arbitrum gained the top spot in the L2 space? According to these factors…”

Polygon’s ecosystem grew, but its TVL could not compete with other L2 solutions. MATIC showed bearish signs despite rising prices. Even though Polygon [MATIC] has been seeing growth in the DeFi space, other L2 solutions such as Arbitrum and Optimism [OP] have out-competed it in terms of TVL. However, this could change with the increasingContinue reading “Understanding Polygon’s midway stagnation as Optimism and Arbitrum…”